Nifty breaches 23,500 as falling crude prices & RIL surge fuel rally

SENSEX 76,384.07

+ 691.29

NIFTY 23,592.65

+ 151.85

CRUDEOIL 9,165.00

+ 93.00

GOLD 139,080.00

 -1,106.00

SILVER 179,917.00

 -3,862.00

SENSEX 76,384.07

+ 691.29

NIFTY 23,592.65

+ 151.85

NIFTY 23,592.65

+ 151.85

CRUDEOIL 9,165.00

+ 93.00

CRUDEOIL 9,165.00

+ 93.00

GOLD 139,080.00

 -1,106.00

'; } document.getElementById("lgdv").innerHTML = htmlElements; } function numberformat(i) { return Number(parseFloat(i).toFixed(2)).toLocaleString('en', { minimumFractionDigits: 2 }) } async function gatherResponse(response) { const { headers } = response; const contentType = headers.get('content-type') || ''; if (contentType.includes('application/json')) { return await response.json() } return response.text(); } function getWidth() { if (Math.max(document.body.scrollWidth,document.documentElement.scrollWidth,document.body.offsetWidth,document.documentElement.offsetWidth,document.documentElement.clientWidth) > 991) { document.getElementById("mob").style.display = "none"; document.getElementById("lgdv").style.display = "block"; } else { document.getElementById("mob").style.display = "block"; document.getElementById("lgdv").style.display = "none"; } } getWidth(); THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS.THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS.

Among the top gainers on the Nifty 50, IndiGo led with a 2.99% rise to ₹5,066.80, followed by Shriram Finance, up 1.99% at ₹880.50

By Anupama Ghosh

Updated - November 03, 2026 at 09:50 AM.

Markets opened higher on Tuesday, extending Monday's sharp gains, as falling crude oil prices and a historic surge in Reliance Industries lifted sentiment. The Nifty 50 opened at 23,582.25, up from its previous close of 23,440.80, and was trading at 23,589.75, up 148.95 points or 0.64 per cent, as of 9.21 AM. The Sensex, which closed Monday at 75,692.78, opened at 76,288.65 and was trading at 76,311.29, up 618.51 points or 0.82 per cent.

Among the top gainers on the Nifty 50, IndiGo led with a 2.99 per cent rise to ₹5,066.80, followed by Shriram Finance, up 1.99 per cent at ₹880.50. Nestle India gained 1.93 per cent to ₹1,218.10, while Asian Paints rose 1.82 per cent to ₹2,387. HDFC Bank added 1.76 per cent, trading at ₹712.30. On the losing side, ONGC was the biggest decliner, falling 1.94 per cent to ₹230.27. Apollo Hospitals dropped 1.49 per cent to ₹8,333, while Power Grid fell 1.18 per cent to ₹264.55. Max Healthcare declined 1.15 per cent to ₹874.55, and Sun Pharma edged down 0.99 per cent to ₹1,752.50.

Monday's session was defined by Reliance Industries, which surged 11.6 per cent in a single day following strong second-quarter results, contributing heavily to the Nifty's 387.70-point gain. The Oil and Gas index rallied nearly 6 per cent on the day. Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Investments, noted that "huge delivery-based buying of around ₹6,413 crore, supported by excellent Q2 results, triggered massive short covering in the stock." He added that "patient value buying will be rewarded."

Crude oil prices provided an additional tailwind. Brent crude fell roughly 7 per cent overnight to around $104 per barrel, with WTI trading near $96–97, after Qatar-mediated diplomatic exchanges between the United States and Iran raised hopes of a de-escalation in the Middle East conflict. Hariselvan Radhakrishnan, Founder and CEO of HST Wealth, said the decline "has unwound a significant portion of the immediate geopolitical risk premium," though he cautioned that "any breakdown in negotiations could quickly revive the geopolitical risk premium."

Foreign institutional investors continued buying for a second consecutive session on Monday, recording net equity purchases of ₹3,114 crore, while domestic institutional investors remained net sellers with outflows of ₹392 crore. Hitesh Tailor, Technical Research Analyst at Choice Broking, noted that "FII buying have potential to accelerate the ongoing rally," though he flagged that "mixed global sentiment, continued concerns around technology-sector valuations and uncertainty over geopolitical developments may keep investors cautious."

Global cues remained mixed. Wall Street ended Monday on a split note, with the Dow Jones rising 0.4 per cent while the Nasdaq fell 1 per cent, weighed down by a continued unwinding of the artificial intelligence trade. South Korea's KOSPI fell over 3 per cent, and most Asian markets were in the red, with Japan's Nikkei 225 closed for a public holiday. Ponmudi R, CEO of Enrich Money, said "a sustained de-escalation in geopolitical tensions and further moderation in energy prices could support the ongoing recovery," but warned that "a breakdown in negotiations or continued weakness in global technology stocks could revive volatility."

The US midterm elections, scheduled for Tuesday, were also being closely tracked. Vijayakumar said "results of the US midterm elections due tomorrow and its impact on geopolitical dynamics will be keenly watched by the market."

Technically, the Nifty has moved above its 50-day exponential moving average and is testing the 23,500–23,600 resistance zone. Shrikant Chouhan, Head of Equity Research at Kotak Neo, said "the short-term market trend is positive, but buying on dips and selling on rallies would be the ideal strategy for day traders," placing key support at 23,300 and 23,200, with upside potential towards 23,650. Bank Nifty, which closed Monday at 55,002.20, needs to clear 55,150–55,300 decisively to confirm broader participation from financial stocks, analysts said.

More Like This

Indian markets likely to open higher; Gift Nifty signals 150-point gap-up

Published on November 3, 2026

Companies to follow

• Reliance Industries Ltd
• Nestle India Ltd
• Asian Paints Ltd
• Apollo Hospitals Enterprise Ltd
• Power Grid Corporation of India Ltd
• Sun Pharmaceuticals Industries Ltd

THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS. THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS. THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS. THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS.Sign into Unlock benefits!

• Access 10 free stories per month
• Get notified by email for early preview to new features, discounts & offers